Lloyds Execs 'Blessed' Libor Rigging, UK Property Co. Says

Law360, London (April 30, 2019, 5:25 PM BST) -- Senior executives at Lloyds Banking Group, including the former CEO, condoned its traders' attempts to rig interest rates for profit, a property firm alleges in a lawsuit accusing the bank of misselling financial products pegged to a key benchmark.

Manipulating the London interbank offered rate, or Libor, was allowed as part of a culture among bank bosses at Lloyds who wanted to boost profits and paint a false picture that the lender was not under financial stress in the run-up to the financial crisis, Jonathan Welsby, director of Bluesight Ltd., says in an amended claim filed with the High Court in London...

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